FACTA: Expect the unexpected (and the worst) in tax treatment and disclosure of offshore assets, particularly for Indian assets
By Parag Patel in NRI Tax From The Economic Times On July 9, 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries…
Revised FATCA Guidance Notes Issued
Article by Christopher Capewell, Jon Fowler, Tim Frawley, Martin Livingston, Alasdair Robertson and Richard Grasby Maples and Calder The Cayman Islands Tax Information Authority (“Cayman TIA”) issued the second official version of the Cayman Islands FATCA Guidance Notes (the “Guidance…
Will the Cayman Islands honor FATCA?
From Due Diligence The Cayman Islands was one of the first countries that agreed to FATCA, the Foreign Account Tax Compliance Act. A recent spat between the Cayman Islands and Australia, however, has us wondering if the Caymans will actually…
FATCA: Cost overruns come with the territory
By Peter Stafford DMS Offshore Investment Services Red might be a festive color for the approaching holiday season, except for the red ink many fund management shops are facing in cost overruns complying with the Foreign Account Tax Compliance Act…
Bahamas warns of high cost of implementing FATCA legislation
From Loop news Service The Bahamas has warned that the high costs associated with the US Foreign Account Tax Compliance Act (FATCA) are threatening to undermine the financial services industry within many member states of the Caribbean Community (CARICOM). “All…
Regulating the Caribbean
By Christopher Famous From Caribbean News Now Bermudians have been repeatedly told that the imposition of term limits is the primary reason for the weak economy and decline in a standard of living. As if repeating this over and over…
FATCA responsible officer function obsolete for Cayman funds
From CooConnect Outsourcing the responsible officer (RO) function under the Foreign Account Tax Compliance Act (FATCA) offers limited value to Cayman-Islands’ domiciled fund managers. The Model one Intergovernmental Agreement (IGA) between the Cayman Islands and the US does not stipulate…
FATCA for private funds: key considerations
By Matthew P. Larvick Vedder Price PC From ACC Although the Foreign Account Tax Compliance Act (FATCA) went “live” July 1, 2014, guidance continues to fall into place. On July 16, the IRS issued instructions for the requester of various…
Cayman Islands well placed as AIFMD transitional period expires
From Cayman Funds Magazine With the transitional period for the implementation of the European Alternative Investment Fund Managers Directive (AIFMD) having recently expired, the Cayman Islands is well placed to navigate the new regulatory landscape in Europe. That is according…
FATCA UPDATE: Cayman Islands TIA issues guidance notes
Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the Cayman Islands and the United States of America and the United Kingdom, Version 1.0. On 22 July 2014, the Cayman Islands (‘Cayman’) Tax Information Authority (‘TIA’)…
